Zomato, RIL, Yes Bank, Bharti Airtel, HUL, Wipro, Ambuja Cements, JSW Steel, Future group stocks in focus

Analysts say despite Thursday’s rally, the short term texture of the market is still on the downside.

Nifty futures were trading 17.50 points or 0.11 per cent up at 15,831.50 on Singaporean Exchange, suggesting a positive opening for BSE Sensex and Nifty 50 on Friday. In the previous session, headline indices snapped their 3-day losing streak, ending over 1 per cent higher. Asian peers were seen trading mixed in early trade, while US stock indices on Wall Street eked out gains in overnight trade. Analysts say despite Thursday’s rally, the short term texture of the market is still on the downside. “Thursday’s sharp bounce back indicates the pullback rally is likely to continue if key indices succeed to trade above 20 day SMA or 15750/ 52600 level. We are of the view that 15750/ 52600 and 15700/52400 levels would act as crucial support levels for Nifty/ Sensex. Above the same, pullback rally is likely to continue up to 15880-15920/ 53200-53400 levels. On the other side, below 15700/ 52400, the uptrend texture would be vulnerable,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said.

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Stocks to watch

Zomato: Zomato is all set to make its stock market debut on Friday, 23 July, much ahead of its earlier scheduled listing on 27 July. he Rs 9,375-crore IPO was subscribed over 38 times, garnering a strong response from investors. The public issue is the largest to hit stock market since SBI Cards and Payment Services’ IPO last year in March, just ahead of the market crash.

Reliance Industries Ltd: Mukesh Ambani-led RIL will release April-June quarter earnings later in the day. The index heavyweight will remain on investors radar on Friday. The company will highlight RIL’s performace across its telecom, retail, and Oil to chemicals businesses, during the first quarter of FY22, when COVID-19 second wave struck India.

Ambuja Cements, JSW Steel: BSE-listed companies such as Federal Bank, United Spirits, Ambuja Cements, Yes Bank, JSW Steel, Atul, Cigniti Technologies, Crompton Greaves Consumer Electricals, Dynamatic Technologies, Fineotex Chemical, Majesco, Nectar Lifesciences, Panacea Biotec, ABB Power Products and Systems India, SBI Cards and Payment Services, Seshasayee Paper & Boards, SKF India and Symphony, will announce first quarter results of FY22 on Friday.

Bank of Maharashtra: Bank of Maharashtra on Thursday reported a 106 per cent on-year rise in net profit at Rs 208 crore in the June quarter. The bank’s net interest margin improved to 3.05 per cent from 2.43 per cent in the corresponding quarter last year.

Future group stocks: Amazon on Thursday accused Future Group of inducing it to invest Rs 1,431 crore in its companies and yet taking contrary positions and willfully flouting all the directions given by the emergency arbitrator of the Singapore International Arbitration Centre.

Bharti Airtel: Bharti Airtel on Thursday made the first move in raising tariffs by announcing a price hike for its postpaid subscribers. The hike is substantial, at 50 per cent, in the enterprise segment, which accounts for around 60 per cent of the company’s postpaid users.

Hindustan Unilever Ltd: HUL’s performance in the June quarter was in line with the market’s estimates, with the net profit rising 10 per cent on-year to Rs 2,061 crore. Despite the brutal second wave of Covid-19, the company was able to clock a volume growth of 9 per cent.

Wipro: Wipro launched FieldX, a cloud-based end-to-end digital service lifecycle automation solution built on ServiceNow’s Now Platform.